Top 5 credit Cards in India

Top 5 Credit Cards in India

Introduction

Are you that person who scrolls through the phone, reading multiple articles and binge
watching YouTube videos to find the credit card which will be best for you? In this article, you
will find about the top 7 credit cards which will be according to your needs and income.

Interesting! Right? Scroll down to choose the credit card which feels like a match made in
heaven for you!

Here, I have simplified the eligibility requirements, features and benefits, fees and charges,
and things needed to know before applying.

Top Credit Cards for Annual Income between 3-8 Lakhs Annually

1. HDFC Millennia Credit Card

Eligibility:

• Age must be between 21 - 40 years.
• Monthly income > 35000.
• Annual Income > 6 lakh p.a.

Features & Benefits

• Reward of 1000 cash points on payment of joining fee.
• On spending of 1 lakh annually, fee waiver will be provided.
• Up to 20% of saving if you book dine out via Swiggy.
• On transactions in the range of 400-5000 in fuel, 1% fuel surcharge waiver
  will be given, capped at 250/statement cycle.
• By spending 1 lakh in one quarter, you can get complimentary lounge access
  or a Rs.1000 voucher from the listed brand.

Fees and Charges

• Rs. 1000 for joining fee.

• Rs. 1000 + Taxes for annual charges

• 3.75% p.m. - 45% p.a. for finance charges

• Late charges —

  Outstanding Amount	Late Fine (Excl. Taxes)
  0-100	Nil
  100-500	100
  501-5000	500
  5001-10000	600
  10001-25000	800
  25001-50000	1100
  >50000	1300

Things to know before applying

Get this credit card if—

• The majority of your payment is online.
• You have a wide variety of brand preferences.
• And you can spend 1 lakh quarterly to utilise the benefits.

2. SBI SimplyCLICK Credit Card

Eligibility:

• Age between 21-70 years
• Stable Salary income

Features & Benefits

• E-voucher of Rs. 2000 on spending of 1 - 2 lakhs.
• Amazon gift voucher worth Rs.500 on joining.
• Annual fee waiver of 499 on spending 1 lakh yearly.
• On a transaction of 500-3000, fuel surcharge waiver of 1%.

Fees and Charges

• 499 joining fee & Annual fee of each

• Finance charges: 3.5% p.m. to 1.42% p.a.

• Late fine —

  Outstanding Amount	Late Fine (Excl. Taxes)
  < Rs. 500	Nil
  Rs. 500 - Rs. 1,000	Rs. 400
  Rs. 1,000 - Rs. 10,000	Rs. 750
  Rs. 10,000 - Rs. 25,000	Rs. 950
  Rs. 25,000 - Rs. 50,000	Rs. 1,100
  > Rs. 50,000	Rs. 1,300

Things to know before applying

• It is a low fee entry-level card.
• It is useful if you often use Myntra, SimplyClick, Swiggy, etc.
• You can save on general shopping but will not be eligible for cashback cards.

3. Axis Flipkart Credit Card

Eligibility

• Age 18-70 years
• Salaried income above 15000
• Self-employed income above 30000

Features & Benefits

• Flipkart voucher worth Rs. 500 for 1st transaction
• 50% discount on Swiggy for new customers
• Complimentary lounge access (max 4 yearly)
• 1% fuel surcharge waiver for transactions of 400-4000 monthly.
• Up to 15% discount on 10000+ restaurants
• Can convert transactions above 2500 to EMIs.

Fees & Charges

• Joining fee and Annual fee is Rs.500 each.

• Finance charges 3.75% p.m.

• Late fine —

  Outstanding Amount	Late Fine (Excl. Taxes)
  <500	Nil
  500-5000	500
  5001-10000	750
  >10001	1200

4. ICICI Amazon Pay Credit Card

Eligibility

• Age above 18 years
• Salary for ICICI customer: 25000 p.m.
• Salary for Non-ICICI customer: 35000 p.m.

Features & Benefits

• Up to 15% off on dining bills at 200 restaurants.
• Has NFC chip for contactless delivery.
• 1% fuel surcharge waiver for all fuel transactions.
• Has an integrated chip for the safety of ATM and offline transactions.

Fees & Charges

• Annual charges and joining fee is zero.
• Interest rate is 45.6% p.a.

5. American Express SmartEarn Credit Card

Eligibility

• Age above 18 years
• Salaried: 4.5 lakh p.a.
• Self-employed: 6.5 lakh p.a.

Features & Benefits

• Welcome bonus of Rs. 500 on spending Rs. 10000 in 3 months.
• Can get Rs. 500 each on spending Rs. 1.2 lakh, 1.8 lakh, 2.4 lakh in card membership year.
• Renewal fee waiver on spending Rs. 40000.
• Fuel convenience fee waiver at HPCL petrol pumps.

Fees & Charges

• Joining fee: Rs. 495 + taxes.
• Renewal fee: Rs. 495 + taxes.
• Finance charges: 3.5% p.m.
• Cash advance fee: 3.5% p.m.

Things to know before applying:

• Low annual fee credit card.
• Best if you often do online transactions.
• Get rewards rather than cashback.
• Comes with welcome benefits.
• Can spend Rs. 40000 annually for renewal fee waiver.

Top Credit Cards for Annual Income more than 10 Lakhs Annually

1. HDFC Regalia Credit Card

Eligibility

1. Salaried individual age between 21-60 years with income of 1 lakh p.m.
2. Self employed age between 21 -65 years with income of 12 lakh p.a.

Features & Benefits

• Reward points of 2500 on joining.
• Upto Rs. 2500 can be waived off on spending of 300000 annually.
• 12 complimentary lounge access in each calendar year.
• For international lounge access, complimentary priority pass lounge and 6 gratic lounge visit internationally.
• Along with complimentary trips, every subsequent trip will be US $27 per person.
• 10000 points can be earned on spending of 5 lakh in the anniversary year of HDFC.
• 5000 additional points for spending of 8 lakh in the anniversary year of HDFC.
• Upto 20% saving on dining across India.
• 1% fuel waived on transaction of Rs.400 - Rs.5000 in all petrol pumps of India.
• Zero percent liability protection of card if stolen or missing, if informed the bank ahead of it.

Fee & Charges

• Joining and annual fee is Rs. 2500 each.
• Credit card limit advance charges will be 40%.
• Fee for foreign currency exchange is 2%.
• Over limit charges 2.5%.
• Cash processing charges Rs.100/ transaction.
• Duplicate statement fee Rs.10.

Late fee

Outstanding Amount	Late Fine (Excl Taxes)
>100	Nil
100-500	100
501-5000	500
5001-10000	600
10001-25000	800
25001-50000	1100
50001<	1300

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2. SBI Elite Credit Card

Eligibility

• Age between 18-70 years.
• Must be citizen of India.

Features & Benefits

• Get Rs 50000 reward points worth Rs. 12,500 annually.
• 10000 reward point on spending of 3-4 lakh annually.
• Voucher worth Rs. 5000 as a welcome bonus of collaborated brands.
• Free silver tier membership of Vistara.
• Free access of international and domestic lounge of airports.
• 50% off all golf games, 1 free golf lesson every month and 4 free green field rounds.
• Discounted or complimentary movie tickets every month.
• Dining offers and upto 25% discount with collaborated restaurants.
• Renewal fee waived on spending of 10 lakh annually.
• 1% fuel charges waived in every petrol pump in India.

Fee & Charges

• Rs. 4999 + tax charges annually.
• Finance charges 42% annually.
• Renewal fee of 4999+ tax.

Late fee

Outstanding Amount	Late Fine (Excl Taxes)
>500	Nil
501-1000	400
1001-10000	750
10001-25000	950
25001-50000	1100
50001<	1300

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3. Axis Bank Magnus Credit Card

Eligibility

• Age between 18-70 years.
• Salaried or self-employed.
• Min. Income of 24 lakh annually.

Fees and Charges

• Rs. 12500 Joining fee and annual fee.
• Finance fee 3% p.m. and 42.58% annually.

Late fee

Outstanding Amount	Late Fine (Excl Taxes)
Up to 500	Nil
501-5000	500
5001-10000	750
10000<	1200

---

4. American Express Platinum Card

Eligibility

• Age above 18 years.
• Salaried or self-employed with income above 6 lakh.

Features and Benefits

• 10000 reward points on spending 15000 under 3 months of joining.
• Welcome benefits of Rs.3000 via vouchers.
• 8 complimentary lounge access per year.
• On spending above 1.9 lakh annually, can get 15000 points with travel platforms worth Rs.4500. And 3400 points on voucher and travel benefits of Rs. 1250.
• On an annual spending of 4 lakh, can get 25000 reward points of a Flipkart voucher or in travel options worth Rs. 7500. And 3600 additional points for travel benefits and vouchers worth Rs. 1080.

Fee and Charges

• Joining fee of 3500 + taxes.
• Renewal fee 5000+ taxes.
• Finance charges 3.5% p.m.
• 3.5% of cash advance charges.

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5. ICICI Bank Sapphiro Credit Card

Eligibility

• Age between 21-65.
• Cibil score should be above 750.
• Salaried income 80000 p.m.
• Self-employed income 83000 p.m.

Features and Benefits

• Has a microchip, which adds up to card security.
• Worth over Rs.9000 of vouchers as a welcome gift.
• On every 100 spends, upto 6 payback points are rewarded.
• 4 airport lounge access quarterly, on spending of Rs. 75000.
• Can get a Dreamfolk membership program of USD 99 only to access 450 lounges in 115 airports.
• On every 50000 spent, can get a golf lesson, upto 4 rounds monthly.
• 1% fuel surcharge waived on fuel transactions.

Fees and Charges

• Joining fee of Rs. 6500.
• Annual fee of Rs. 3500 (can be waived off on spending above 6 lakh).
• Finance charges 3.75% monthly and 45% annually.

Late fee

Outstanding Amount	Late Fine (Excl Taxes)
Upto 100	Nil
101-500	100
501-1000	500
1001-5000	600
5001-10000	750
10001-25000	900
25001-50000	1100
Above 50000	1300

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Responsible Usage of Credit Card

• On-time payment can increase credit score.
• Rewards and cashback in saving on future purchases.
• In an unexpected financial crisis, credit cards come as a saviour.
• Managing your personal expenses and budget can make you free from debt or loans.
• Interest-free period helps the user for better fund management.

Who should be cautious on keeping the credit card?

• People who buy stuff impulsively should avoid keeping credit card
• People who are not responsible for paying bills on time or forget the dates of payments.
• Using a credit card for everyday transactions can get caught into a debt trap.
• People who rarely use credit cards should not keep it as they are not able to take benefits provided by it, debit cards could be the better option in this scenario.
• People who revolve their credit cards should be cautious as they may collect more dues rather than get rid of it.

Conclusion

This article must have clarified your doubts and questions swirling in your mind. In this article all the benefits of the credit card, the fees bank charges from the credit card holder. All these things are categorised in the range of Annual income of the individual which will help them in future to use the card with responsibility. In the end, don't be too reliable on credit cards, use it wisely and carefully. Debt traps are the most common way a bank earns money from the customers. Make smart decisions for yourself and plan your finances wisely.

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SEBI Disclaimer

This blog is intended solely for educational purposes. The securities and investments mentioned are not to be construed as recommendations.